Quite often successful entrepreneur’s and business owners are asked What Makes A Business Successful? What Lead’s Them to Success?
Does success come from having the best product or from offering great service? Is it all about the Brand and Marketing? It is about doing a better job than your competitors?
Time and time again, the advice has been that you need to have a great team – Know your skillsets, know your shortcomings, and surround yourself with the best and smartest people to fill the gaps.
At 13 Concepts we are often asked where does our name come from? What does it mean? Our base premise and core offering is to provide a broad range of financial services to our clients to help them grow their businesses and to grow their wealth. Back when we were setting up our business, sitting around the lunch table we identified that we had 13 core skillsets or functions that we were aiming to provide to our clients. More importantly we realised that to be successful in business and in life Luck Has Nothing To Do With It… 13 may be an unlucky number for some, but to us it is our education and more importantly our experience that assists in delivering great outcomes. In some cases it is also about the great network of specialist partners that we work with.
Throughout 2017 we have seen and experienced many instances where clients have learned the value and benefits of partnering with the right professional advisors – accountants, lawyers and investment advisors. We have also seen clear examples of what happens when they get this wrong.
One client example that we would like to share relates to a client that we have been working with for more than 5 years. Last year we were at one of their regular quarterly board meetings, and the discussion around the table was exploring the merits of an investment offer that had been made to acquire the core assets of the business. Exploring the proposed transaction we identified that there was an opportunity for the new investment company to apply for a new tax arrangement that had recently been announced by the Federal Government as part of their Innovation Agenda – the Early Stage Innovation Company (ESIC) status which would provide significant tax benefits for the new investors – a 20% tax offset on the investment, and an exemption from capital gains tax (all subject to certain criteria of course).
On this assignment we worked with our referral technical tax experts at E&Y to apply for and receive a Private Ruling to confirm the company’s status and entitlements to the tax benefits. That has delivered a significant uplift in the value of our client’s business, and enabled them to lock in additional funding and capital that will help them to achieve their business outcomes over the next 18 months.
We are fortunate at 13 Concepts to work with an excellent set of clients and amazing individuals. It keeps our lives pretty interesting, and pretty occupied, but day in and day out we are able to Team Up with our clients to deliver the best advice and business outcomes that come from strong relationships and detailed understandings of their individual businesses and circumstances.
As we come to the end of the year is it time to ask yourself if you have the best possible team in place to support your business in 2018 and beyond?